CTC to build Dh1bn Pacific project on Al Marjan

Select Group, a Dubai-based property developer, yesterday said it has awarded a contract to the Ras Al Khaimah-based Construction Technology Contracting (CTC) to construct its Pacific project on the man-made development of Al Marjan Island.

“Pacific, valued at a total of Dh1 billion, is a joint development of Select Group in partnership with the UK-based Select Property. It will comprise six contemporary, architecturally spectacular properties, each named after Pacific Islands,” the company said.

Rahail Eslam, CEO of Select Group, said:

“Pacific is an exclusive waterfront project, one of our first developments in Ras Al Khaimah. CTC is the right construction partner for the project which is due for completion in 2011.”

Together, the project will be spread across 25,300 square metres on the top isle of Al Marjan Island.

Designed by architects JRHP, Pacific will consist of studios, one- and two-bedroom apartments, duplexes, Pacific Suites and Gulf Suites.

Gulfnews

Select Property to build £100m tower block in Dubai

UK based overseas property developer Select Property has today launched West Avenue, a 32 storey luxury Manhattan style complex on one of the last remaining plots on Dubai Marina. West Avenue, a joint development partnership with Dubai based Select Group, is the seventh tower to be launched by the companies – who have already sold out six off-plan developments on Dubai Marina.

Contemporary in style, West Avenue offers studios, one and two bedroom apartments, along with two bedroom Marina and City Suites and luxury penthouses. All 273 units in the exclusive West Avenue development have been designed specifically for spacious, open plan living.

Acknowledged as the height of Dubai living, Dubai Marina is the largest man-made marina in the world. Situated in the central part of the marina, prices for a studio in West Avenue start from £157,083 and are available with a 15 year non –status payment plan. Purchasers also benefit from the security of an Escrow account, protecting their funds during the build phase.

Prices in Dubai Marina have soared over the last few years with the average price per square foot rising from £120 in 2005 to £342 in 2008, making properties in the area a sound capital investment. A key driver for the continued growth is Dubai Marina’s excellent location.

Mark Stott, CEO of Select Property, explains:

“Dubai Marina is undeniably one of the most desirable locations for residential property in the Emirate. Located off the Sheikh Zayed Road and Jumeirah Beach, and in close proximity to the commercial areas of Dubai Media City and Internet City, Dubai Marina appeals to both the business and leisure resident. It is perfect for investors looking to benefit from the ongoing Dubai property boom.”

West Avenue will offer facilities catering for all needs including a swimming pool, sauna and steam room, modern gym, shopping, dining facilities, and 24 hour security.

Dubai attracts a number of markets to its sun kissed shores, not least property investment. In an economy that is defying the credit crunch, Dubai is still hugely popular with the holidaymaker and those looking for a more permanent luxury home. By all accounts, demand for property is set to outstrip supply until the end of the decade.